Analyze and calculate your average monthly disposable and discretionary incomes Suppose your salary is your only source of income. You receive Php 72 000.00 gross monthly income. You pay personal income taxes of 32%. You are living with your parents so you do not pay rent. However, you settle your family's utilities such as average monthly electricity bill of Php 2 300.00, water bill of Php 550.00 and cable and Internet bill of Php 1 999.00. You spend an additional P5 000.00 for transportation expenses and allot Php 10 000.00 per month for your savings.
Analyze and calculate your average monthly disposable and discretionary incomes Suppose your salary is your only source of income. You receive Php 72 000.00 gross monthly income. You pay personal income taxes of 32%. You are living with your parents so you do not pay rent. However, you settle your family's utilities such as average monthly electricity bill of Php 2 300.00, water bill of Php 550.00 and cable and Internet bill of Php 1 999.00. You spend an additional P5 000.00 for transportation expenses and allot Php 10 000.00 per month for your savings.
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 44P
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Transcribed Image Text:Analyze and calculate your average monthly disposable and discretionary incomes.
Suppose your salary is your only source of income. You receive Php 72 000.00
gross monthly income. You pay personal income taxes of 32%. You are living with
your parents so you do not pay rent. However, you settle your family's utilities
such as average monthly electricity bill of Php 2 300.00, water bill of Php 550.00,
and cable and Internet bill of Php 1 999.00. You spend an additional P5 000.00 for
transportation expenses and allot Php 10 000.00 per month for your savings.
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